Multifamily Refinancing Boost in Gowanus

Brooklyn Multifamily Refinancing Milestone

Avery Hall Investments and Gindi Capital secured $136M in refinancing for their recently completed 655 Union property in Gowanus, Brooklyn, reports Globe St. The loan was provided by Freddie Mac, with CenterSquare Investment Management joining as a financing partner. JLL represented the developers in this deal, which replaces their previous construction debt.

Lease Up Program Debut

This marks the first transaction in New York leveraging Freddie Mac’s Lease Up Program for multifamily refinancing. The initiative enables sponsors with NOI gains between year one and two to access increased loan proceeds at favorable rates. JLL stated this program created a strong lending opportunity due to the property’s combination of design, transit access, and affordable housing.

Property Features and Market Dynamics

Delivered in 2025, 655 Union offers 143 market-rate and 50 affordable apartments, all built to condo standards. Amenities feature a fitness center, coworking spaces, media room, private dining, and yoga studios, totaling 12,000 SF. The development also contains nearly 15KSF of retail, with tenants including Bank of America and NY Kids Club. JLL highlighted the ongoing population growth in Gowanus, contributing to robust demand and investor interest in the area’s multifamily refinancing market, mirroring a broader uptick in transaction activity across the city as investors increasingly favor stabilized, market-rate-heavy assets.